YAVNE, Israel, June 5, 2018 /PRNewswire/ --
G. Willi-Food International Ltd. (NASDAQ: WILC) (the
"Company" or "Willi-Food"), a global company that
specializes in the development, marketing and international
distribution of kosher foods, today announced that it has been
notified by its independent public accountant, Brightman Almagor
Zohar & Co. Certified Public Accountants, Member of Deloitte
Touche Tohmatsu Limited ("Brightman"), that the client-auditor
relationship between the Company and Brightman has ceased. This
notice was due to Brightman's inability to satisfy auditor
"independence" requirements. Brightman also ceased its
client-auditor relationship with Willifood Investments Ltd., the
parent of the Company (the "Parent"), and of BSD Crown Ltd. the
controlling shareholder of the Parent ("BSD").
The inability to satisfy independence requirements results from
a notice Brightman recently received from BSD stating that the
Board of Directors of BSD had resolved to file a claim in the
coming days against Brightman and others based on the causes of
action included in the application for a derivative action filed in
July 2016 against BSD, the former
controlling shareholders of BSD, directors and managers of BSD
(none of whom is a director or officer of the Company or the
Parent) and the auditors of BSD.
In light of the notice of resignation from Brightman, the Board
of Directors of the Company has resolved to call a general meeting
of shareholders to recommend that the shareholders of the Company
appoint BDO Israel as the new independent public accountant of the
Company.
About G. Willi-Food International Ltd.:
G. Willi-Food International Ltd. (http://www.willi-food.com) is
an Israeli-based company specializing in high-quality,
great-tasting kosher food products. Willi-Food is engaged directly
and through its subsidiaries in the design, import, marketing and
distribution of over 600 food products worldwide. As one of
Israel's leading food importers,
Willi-Food markets and sells its food products to over 1,500
customers in Israel and around the
world including large retail and private supermarket chains,
wholesalers and institutional consumers. The company's operating
divisions include Willi-Food in Israel and Gold Frost, a wholly owned
subsidiary who designs, develops and distributes branded kosher,
dairy-food products.
FORWARD LOOKING STATEMENT
This press release contains forward-looking statements within
the meaning of safe harbor provisions of the Private Securities
Litigation Reform Act of 1995 relating to future events or our
future performance, such as statements regarding trends, demand for
our products and expected sales, operating results, and earnings.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied in those forward-looking
statements. These risks and other factors include but are not
limited to: monetary risks including changes in marketable
securities or changes in currency exchange rates- especially
the NIS/U.S. Dollar exchange rate, payment default by
any of our major clients, the loss of one of more of our key
personnel, changes in laws and regulations, including those
relating to the food distribution industry, and inability to
meet and maintain regulatory qualifications and approvals for our
products, termination of arrangements with our suppliers, loss of
one or more of our principal clients, increase or decrease in
global purchase prices of food products, increasing levels of
competition in Israel and other
markets in which we do business, changes in economic conditions in
Israel, including in particular
economic conditions in the Company's core markets, our inability to
accurately predict consumption of our products and changes in
consumer preferences, our inability to protect our intellectual
property rights, our inability to successfully integrate our recent
acquisitions, insurance coverage not sufficient enough to cover
losses of product liability claims and risks associated with
product liability claims We cannot guarantee future results,
levels of activity, performance or achievements. The matters
discussed in this press release also involve risks and
uncertainties summarized under the heading "Risk Factors" in the
Company's Annual Report on Form 20-F for the year ended
December 31, 2017,
filed with the Securities and Exchange Commission on April
30, 2018. These factors are updated from
time to time through the filing of reports and registration
statements with the Securities and Exchange Commission. We do not
assume any obligation to update the forward-looking information
contained in this press release.
This information is intended to be reviewed in conjunction
with the Company's filings with the Securities and
Exchange Commission.
Company Contact:
G. Willi - Food International Ltd.
Amir Kaplan, Chief Financial
Officer
+972-8-932-1000
amir.k@willi-food.co.il
SOURCE G. Willi-Food International Ltd.